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Managing finances, flat renting, blah blah

Discussion in 'The Lounge - Off Topic' started by flex22, Aug 17, 2004.

  1. flex22

    flex22 Gigabyte Poster

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    Hi, I'm after general advice on how to manage my finances.

    Is their any free software or online tutorials on how to plan finances easier, if say I were to rent a flat also.
    Specifically this relates to UK living, but of course general advice from anyone is welcome.

    Maybe there are books I can buy relating to this subject?

    I'm hoping people can reply who can relay their experiences of renting for the first time, and can offer advice and what to look out for.

    I've shared a flat before, for about a year or so, but was more carefree then and somehow managed :rolleyes:

    But this time I'm serious about it, so need all the advice I can get.
    I'm not the type to live at home with mummy till I'm 30, do us a favour:!:
    Think you just have to leap and get on with things, homelife is cr@p so I'm off :ende :fol
     
  2. tripwire45
    Honorary Member

    tripwire45 Zettabyte Poster

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    I can't speak to what life's like in the UK, but I have rented for the first time before. Basically, I was lousy at it. If I hadn't socked away some dough in a savings account, I would have starved to death. I didn't really learn to budget for a few years and then, I was living paycheck to paycheck with no savings plan in mind and running up quite a bit of credit card debt.

    My wife is the Queen of Budgets. She knows how to squeeze more out of a dollar (or pound in the UK) then just about anyone I know. Budgeting at its core is pretty simple and doesn't require a lot of software. It starts out with how much money you are guarenteed to make on a steady basis. Then you have to calculate your expenses...all of them. This doesn't mean just how much rent and utilities are but *all* of your anticipated expenses including reoccurring costs like buying clothes, books, etc...

    Then, you *do not ever* scr00 around with your budget. Don't use your credit card unless you plan to pay it off within the same month. Interest rates on credit cards are just outrageous and will bleed you dry once you get caught in that trap. Especially do not use credit to pay for basic expenses such as rent and food.

    Always try to put away a little bit in savings each month. That way, you can save up for really big items when you want one. My wife bought her first car with cash...no car payment loan at all. Obviously, we've had to use credit and borrow at various points...you can't buy a house with cash unless you're Bill Gates and borrowing then paying promptly does build a good credit rating. Just don't get in over your head.

    Do not ever buy on impulse. If you really, really want something...walk away from it for a day or two. If you can wait, think about your purchase rationally...really need it and can afford it, then buy it. If not, you can probably live without it.

    Yeah, I know. I probably sound like your Dad (and I'm probably as old has he is) but you asked for advice so here it is.

    If you really want to, you can get some sort of accounting software such as Quicken or MS Money...they help especially when you need help with taxes and such. Just remember that before the advent of the personal computer, people did this stuff with pencil, paper, and common sense.

    Good luck, mate. :)
     
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  3. noelg24

    noelg24 Terabyte Poster

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    I know how u feel mate...I always rented in Newcastle after I moved out of London...done the lot, council and private and shared accomodation and by far I would say private simply cos you get those that include the bills in the rent...and of course there's always the upfront deposit and one months rent to deal with but I am sure you wont have a problem with that. but now I am living with the missus who prefers to buy than rent I have to say I am suddenly beginning to think I should have bought myself but back then funds were crap!! in terms of managing your finance...do u do internet banking? I do and its great cos I can simply get up at 4am and see what I have left and whats due to be paid the next week and so on also I would recommend Microsoft Money...i've heard its quite good (never really used it meself as I deal with internet banking)...but I am sure others may have view of their own...good luck mate...

    EDIT: I so agree with you there trip...take good note of what he's just said Flex...
     
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  4. Phoenix
    Honorary Member

    Phoenix 53656e696f7220 4d6f64

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    Ahh the joys of personal finance

    well i concocted a quick spread sheet for mine

    PAYCHECK VALUE
    Outgoing1 -VALUE
    Outgoing2 -VALUE
    ....
    Outgoing(x) -VALUE
    Savings -VALUE
    REMAINDER -WHATS LEFT

    allowed me to better plan what i would have left to spend each and every month, and hence not spend more than it, ofcourse i didnt really have a savings columbn, but you would be wise to do so :D
    im only 22, and i need to get into this habit too, im back in the UK in 2 weeks, for possibly upto a year, and in that time i plan on saving apx 20'000 USD to bring back with me when my visas approved, so far i have just lived paycheck to paycheck and not really saved, this plan will involve me putting away 1000 GBP a month, again dont fall into th creditcard/loan trap just because you want something now, unless its an emergancy and you can pay it all off asap

    personal finance apart from that really isnt hat challenging
    just account for your incomings and outgoings and emergancies and your set
     
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  5. flex22

    flex22 Gigabyte Poster

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    I've got a pension with the Civil Service, which is a good package.Just depends whether they lay me off or not, but at least it's started, which is one thing that's not bugging me for the time being.

    Thanks for the replies so far.Pretty much what I expected to hear, well because it's true and good advice.

    I suppose excel can work things out, it's just a case of knowing what values to enter eh.
    Pen and paper also, it is pretty basic, like you say, incomings - outgoings = 0 :eek: lol:!: or hopefully not.

    Living at home is cheap and it's so easy to save quite a bit of money in no time at all.I could do with living at home for about to years to pay off the criminals who sold me a 'training' course, and pay credit card off :x

    Alas, not to go into it, but living at with family now is not an option.

    You know, it's hard to explain.But maybe those who ahve four other siblings can empathise what it's like, especially when your a private type of person.Need my own space.

    I'll look into private renting, where they throw it much of it for a set rent, like Noelg said.
    This at least will save me having to fill in council tax forms or whatever.
    (l can't stand forms of any kind, nooo, go awaaaaay:!: lol:!: )

    Keep the advice coming, anything that comes to mind.

    Thanks:!:
     
  6. noelg24

    noelg24 Terabyte Poster

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    flex mate I totally sympathise with you cos I too have four siblings and all living in London...I had to leave cos with the 5 of us and my parents the house was too crowded I dont know about you guys but I wasnt prepared to share a bedroom with my brother by the time I got to 21!! (I am 24 now). also flex Excel is a good tool to work out your finances cos I use it aswell altho I havent really looked at it much lately cos now I have a bar job I know exactly where my money is going and what I am doing with it..I am paying off 3 credit cards....aaarrrggghhh! but all minimum payments via standing order over the internet, also I got into huge debt 3-4yrs ago and I wasnt able to keep up the repayments (in fact I didnt pay them at all!!) but now I have a debt management scheme which has reduced my outgoings by 70% and I am happy with it so far..the debt management has been going for 1yr 6mths now. These days if I need to get something in a whim like a train ticket Lou pays it over the internet and I pay her back in cash and like Trip says my missus is also very good money unlike me she was taught the value of money and what it meant to have very little and what to do when you had a lot. one thing I will say in all of this is I have learnt a very valuable lesson and thats dont fall into the loan/credit card trap unless you know your going to handle the money carefully...in other words dont let money take control of you...cos thats what I did...it got a point where my bank kept going overdrawn and I was getting really frustrated with all the charges every month so I took a £600 loan (Lou wasnt happy) but I had to do it otherwise I wouldnt have got out of the mess at all...now I rarely get overdrawn I am paying my credit cards on time and I am more in control than I was this time last year.
     
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  7. r4merlin

    r4merlin Nibble Poster

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    I will look into this when I aint so tired, but basically don't spend money on Credit Cards. (Just dont spend money)

    One thing I got caught out on when I first rented is make sure there is central heating.

    We had none and ended up using electric fires, at the time I did not think they would run up a bill like they did (£1000)

    Hard lesson for me learnt.
     
  8. Bull Gates

    Bull Gates Byte Poster

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    Assets - income (money coming into your pocket)
    Liability - expenses (money going out of your pocket)

    Assets - Salary, Income from Dividends, Rent from Real Estate or some other Property, Return on Investments like Shares, Mutual Funds, Bonds etc...

    Liability - Day-to-Day household expenses, Rent, Payments towards Credit/Loan, etc...

    If u want to be a gud money manager then maximize your assets and minimize your liabilities. Its as simple as that:!:
     
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  9. flex22

    flex22 Gigabyte Poster

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    I disagree with that.

    I'm going to start ringing a few ad's for flats I've seen in my local paper.

    I should be able to get by, and that's all I'm interested in at the moment.To have my own space so I can get things done.

    I'll take the advice onboard.

    Btw is their a way ow knowing how much my council tax will be, if it's not included.Is their a website I can check on.
     

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